Happy Hiring! The Top 5 Ways to Onboard and Retain the Best Talent…
If we home in on the financial costs of a new recruit, you are looking at £3K just to find someone. However, once you factor in productivity losses, the time it takes for your said recruit to become fully functional and effective, potential equipment costs, agency fees and advertising costs, then that £3K becomes more like £11K.
The recruitment sector is renowned for having the highest rates of attrition of any industry – coming in at a hot and heavy 43% (the national average is 15%). And whilst some attrition can be a good thing – reducing stagnation and creating opportunity, too much can be disruptive and costly.
But really, we’re just scratching the surface. For a smaller recruitment team or business, staff turnover can really rock the boat. What would be the impact of your best performer leaving for a rival recruiter? And just how many of your clients (that they’ve nurtured) would follow suit?
Quitting can also have a domino effect with colleagues, friends and mentees feeling the urge to follow suit. Indeed, recruitment staff can often go two at a time to the same rival firm.
On a team of five, if two people go together, that’s not just going to affect your P&L. It’s going to affect team morale, client relationships, and productivity and create a deficit and burden on your remaining staff. Under such pressure, it can be tempting to recruit the first soul you find, but if they aren’t quite the right fit, then around and around you go.
Our case made; how can you successfully recruit the recruiter and build a happy, productive, profitable team that stays the course?
How to Recruit the Recruiter – The Top 5 Tips
1. Crystal clear expectations
Prior to hire, it’s hyper important that you define crystal clear expectations of the job role and the person who will fill it. What are you expecting them to deliver and how? How will the role evolve over the next 12 – 24 months? What skills will you need now and in the future? Be honest about the role and its prospects. What kind of experience and person does your recruitment business need? Create and share a vision to demonstrate how their career will progress and how valuable their input will be to you and the business.
2. Create a proper induction process
By creating a proper induction process, you set the right expectations, receive your new recruit warmly, increase motivation, share the right info, make beneficial introductions and can even reduce absenteeism. No one wants to feel like their big career entrance was a resounding dud of disorganised disinterest. A lack of induction is setting your new hire up to fail. It can be an anxious time for anyone. You are in an entirely unknown environment. You know no one. You’re literally the new kid on the block. As a recruitment manager, business owner, or HR manager, you can help them make this transition smoothly, successfully and get them settled in swiftly. It really is in everyone’s best interests not to just grab a coffee and wing it when they turn up full of beans! Imagine how impressed and motivated they will be that you’re as excited and raring to go as they are…
3. Spring clean that workstation
Is there anything worse on your first day than having to face the ghosts of recruitment past? It seems like an obvious one, but it’s surprising how many times it is overlooked. Have everything from the desk clear to the right IT equipment ready and set the tone from the start. The sooner they have everything they need, the sooner they’re settled and performing.
4. The 100-day plan
The first 100 days are critical for you, your new recruit and the longevity of your working relationship. A 100-day plan is the action plan to guide your new recruit into their role. Create a situational summary that outlines the business landscape, strengths, opportunities and any key information that they should know that will help them perform. Plan when your new hire will be acquainted with other team members and departments. Create goals for the first 100 days. What are they and how will they be measured? When will they learn about your company culture, mission, values and policies? Will they be mentored or have a buddy? 71% of Fortune 500 companies have a formal mentorship programme and 94% of employees would stay at a company longer with opportunities for development and learning. A detailed onboarding induction ensures that your new recruit has everything they need to get cracking.
5. Regular feedback
Assessments, appraisals, 1-2-1’s… whatever you call them, they matter. Ships don’t sail for long on autopilot. Appraisals provide the opportunity to recognise and reward your staff and to ensure they feel valued for their contribution. By monitoring performance against your agreed goals and objectives, you can promote, tweak and give out bonuses in line with the facts. One of the leading reasons that a person leaves a business is that they did not feel valued. Loyalty isn’t simply down to money. Being and feeling included, challenged and trusted also feature highly. Communicate with your recruitment staff and collaborate. Involve them in the bigger picture and discuss career progression and needs. If people have their needs met, they don’t (usually) feel the need to skip off to your competitors. You won’t always be able to deliver the career progression in the timeframe that people desire. But you will be able to create a career progression plan that ensures they’re ready when the opportunity arises and feel seen and supported. Lukewarm feedback equals lukewarm results – a scenario you can easily avoid. Regular feedback and appraisals are a high priority to retain and grow high-performing teams. How will they develop? What are their goals? With every new knowledge and skill acquired, you help your staff do their jobs better and serve your clients. It’s a win-win.
Deliver an onboarding process that creates motivated, loyal recruits that are revving to go rather than wondering what they let themselves in for. Think about all the times that you’ve excelled. You had what you needed. You understood what was expected. Communication was clear and motivation high. No one starts a new working relationship hoping to fail. It requires effort, planning, communication and commitment from both parties.
Financial planning helps you eliminate subjectivity from your hiring process. Understand your current workforce and how it’s projected to change over time. Economic uncertainty often sees business leaders asking, “should I be downsizing, scaling, or planning for both?” Even when funds are lean, it’s vital to conduct financial and workforce planning for your future goals and needs. Upskilling and reskilling are cost-effective ways to contain costs whilst progressing your business and your people.
After all, they are your competitive edge.
People, profits, performance… they are all inextricably linked.
From mentoring and building business confidence to strategic growth and training, I help service-based and recruitment businesses retain the best talent and profitably scale their business.
Are you ready to attract, retain and build your best team yet?
Then please get in touch for more info.
